What is a Hawaii Purchase Contract?

The Hawaii Purchase Contract is a legally binding agreement between a buyer and seller of real estate in Hawaii. This contract outlines the terms and conditions of the sale, including the purchase price, closing date, and any contingencies or special provisions that must be met before the sale can be completed. The contract is typically prepared by a real estate agent or attorney and is signed by both the buyer and seller.

The Hawaii Purchase Contract is a standardized form that has been approved by the Hawaii Association of Realtors and the Hawaii State Bar Association. The contract includes several sections, including:

1. Property Description: This section describes the property being sold, including the legal description, street address, and tax map key number.
2. Purchase Price and Payment Terms: This section outlines the purchase price, any earnest money deposit required, and the payment terms for the sale.
3. Closing Date and Possession: This section sets the date for the closing of the sale and determines when the buyer will take possession of the property.
4. Contingencies and Special Provisions: This section outlines any contingencies or special provisions that must be met before the sale can be completed, such as the buyer’s ability to obtain financing, a satisfactory inspection, or the resolution of any title issues.
5. Disclosures: This section requires the seller to disclose any known defects or issues with the property.
6. Signatures: The contract is signed by both the buyer and seller, as well as any agents or attorneys involved in the transaction.

It’s important to note that the Hawaii Purchase Contract is a legally binding document, and it’s important to carefully review and understand all the terms and conditions before signing. It’s recommended that you seek the advice of a real estate attorney or agent to help guide you through the process.